Fair market value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.

Fair market value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. It shall be the highest price estimated in terms of money which property will bring if exposed for sale on the open market with reasonable time allowed to find a purchaser who is buying with knowledge of all the uses and purposes to which the property is best adapted and for which it can be legally used.

When additional taxes are voted by the people, an individual's property tax bill will increase. Also, when market value increases, naturally, so does the assessed value. If you were to make improvements to your existing property, for instance, add a garage, an additional room, or a swimming pool, the "fair market value" and, therefore, the assessed value would also increase.

The assessor has not created the value. People make value by their transactions in the marketplace. The assessor simply has the legal and moral responsibility to study those transactions and appraise your property.